Rising population can be a virtue or can be vice with regards to economic development of a country. In India, demerits of population growth outweigh its merits. Due to large population size and its rate of growth, our per capita income continues to be stagnant at a low level. Since First Five Year Plan, our national income has increased about 11 times but our per capita income has increased only about three and half times, thanks to the rise in population. Also, large population size has tended to reduce the land man ratio in India which reduces productivity of land and labour. Growing population has also reduced per capita availability of cereals and pulses. Further, due to high growth rate of population, unemployment is assuming monstrous proportions. Lack of employment opportunities outside agriculture, builds pressure on farming as a source of subsistence. Consequently, disguised unemployment in the farming sector is emerging as a serious challenge.

Correct Option: C

Rising population can be a virtue or can be vice with regards to economic development of a country. In India, demerits of population growth outweigh its merits. Due to large population size and its rate of growth, our per capita income continues to be stagnant at a low level. Since First Five Year Plan, our national income has increased about 11 times but our per capita income has increased only about three and half times, thanks to the rise in population. Also, large population size has tended to reduce the land man ratio in India which reduces productivity of land and labour. Growing population has also reduced per capita availability of cereals and pulses. Further, due to high growth rate of population, unemployment is assuming monstrous proportions. Lack of employment opportunities outside agriculture, builds pressure on farming as a source of subsistence. Consequently, disguised unemployment in the farming sector is emerging as a serious challenge.

LIC (Life Insurance Corporation, India) introduces its pension plan to offer individuals with regular income during their old age. Pension also well-known as retirement plans are predominantly intended for the citizens who are disposed to make their old age financially secure. Jeevan Kishore is a children’s plan under which the child becomes the owner of the policy automatically at the age of 18 years. Jeevan Chhaya is beneficial for partner having less than a year old child (not an adopted child). It makes provision for higher education / marriage of the child. Jeevan Sanchay is a without profit money-back plan available for the age group between 14 years and 58 years. LIC’s Jeevan Akshay- VI is a pension plan for people who are at present in their retirement age and have no pension. Under this policy, LIC will pay the policy holders a reliable payment at normal time periods starting right after the holder pays a lump sum premium towards the cost of the policy. The annuitant can accept the payment as per his aspiration either monthly, quarterly, half-yearly or yearly.

Correct Option: D

LIC (Life Insurance Corporation, India) introduces its pension plan to offer individuals with regular income during their old age. Pension also well-known as retirement plans are predominantly intended for the citizens who are disposed to make their old age financially secure. Jeevan Kishore is a children’s plan under which the child becomes the owner of the policy automatically at the age of 18 years. Jeevan Chhaya is beneficial for partner having less than a year old child (not an adopted child). It makes provision for higher education / marriage of the child. Jeevan Sanchay is a without profit money-back plan available for the age group between 14 years and 58 years. LIC’s Jeevan Akshay- VI is a pension plan for people who are at present in their retirement age and have no pension. Under this policy, LIC will pay the policy holders a reliable payment at normal time periods starting right after the holder pays a lump sum premium towards the cost of the policy. The annuitant can accept the payment as per his aspiration either monthly, quarterly, half-yearly or yearly.

India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (naya paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘paisa’ instead of 16 annas or 64 pice. For public recognition, the new decimal paisa was termed ‘Naya Paisa’ till 1 June 1964 when the term ‘Naya’ was dropped.

Correct Option: C

India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (naya paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘paisa’ instead of 16 annas or 64 pice. For public recognition, the new decimal paisa was termed ‘Naya Paisa’ till 1 June 1964 when the term ‘Naya’ was dropped.

Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme which was launched on December 25, 2000 for one crore of the poorest families. It is an important milestone in providing foodgrains to the poor. It contemplated providing 25 kg. of foodgrains per month at highly subsidized rates of Rs. 2 per kg. for wheat and Rs. 3 per kg. for rice to each Antyodaya family. This scheme reflects the commitment of the Government of India to ensure food security for all, create a hunger free India in the next five years and to reform and improve the Public Distribution System so as to serve the poorest of the poor in rural and urban areas.

Correct Option: D

Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme which was launched on December 25, 2000 for one crore of the poorest families. It is an important milestone in providing foodgrains to the poor. It contemplated providing 25 kg. of foodgrains per month at highly subsidized rates of Rs. 2 per kg. for wheat and Rs. 3 per kg. for rice to each Antyodaya family. This scheme reflects the commitment of the Government of India to ensure food security for all, create a hunger free India in the next five years and to reform and improve the Public Distribution System so as to serve the poorest of the poor in rural and urban areas.

The Tara pore Committee on capital account convertibility had laid down a three year, three phase schedule for allowing convertibility. It laid down three pre-conditions: (a) fiscal consolidation implying that the centre’s fiscal deficit should come down to 3.5 per cent of GDP; (b) a mandated inflation target; and (c) strengthening of the financial system to (i) involve a near complete clampdown on activities of weak banks, (ii) major cut in the CRR, and (iii) complete deregulation of interest rates.

Correct Option: A

The Tara pore Committee on capital account convertibility had laid down a three year, three phase schedule for allowing convertibility. It laid down three pre-conditions: (a) fiscal consolidation implying that the centre’s fiscal deficit should come down to 3.5 per cent of GDP; (b) a mandated inflation target; and (c) strengthening of the financial system to (i) involve a near complete clampdown on activities of weak banks, (ii) major cut in the CRR, and (iii) complete deregulation of interest rates.